05 November 2018 - Blog, Tip of the Month
Are your employees ready for PAYE Modernisation?

What is ‘myAccount’ and how do I prepare for PAYE Modernisation on January 1st, 2019?

Revenue will be launching their new PAYE Modernisation project on 1st January 2019. It will involve the most significant reform of the PAYE system since its introduction in 1960. Employers will need to calculate and report their employees’ pay and deductions real time, on or before the payment is made.

As a result of the above changes Revenue are urging all employees to register for an account through their secure online service called myAccount. Employers will no longer be issuing statutory forms to employees directly (P45, P60), instead Revenue will make these available to employees through this service.

We recommend that you download our information leaflet and share it to all employees (existing and new) in advance of 1st January 2019. You should provide them with the following information in order to allow them add their current employment under the Jobs and Pension section on myAccount if not already active.

  • Your employer tax registration number
  • Start date
  • Pay frequency
  • Works or personnel number (if available)

 

Paycheck Plus Payroll Compliance

Payroll compliance requirements change regularly and it’s imperative that HR, payroll teams, accountant’s etc. keep up with these changes otherwise significant penalties can be incurred. Payroll mistakes, or calculations based on outdated information, can be costly for companies and ensuring payroll compliance can be difficult for businesses and staff that don’t have payroll as a core focus.

However, here at Paycheck Plus, we keep up to date with the most recent legislation developments so you don’t have to. Our payroll specialists can ensure that your payroll is compliant with the continuous regulation advancements. We provide confidential executive payroll services, managed payroll, auditing, consultancy and many other services that ensure payroll compliance.

To ensure payroll compliance and for expert support contact PaycheckPlus today.

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For more information on any of our services request a callback from our payroll specialists today, call our head office on 041-9892100 or request a quote here.

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